A balance of £10,000 in Nationwide's Loyalty Account at that rate would return £55.52 less than the same balance in the RCI account over the past year.

Even if Nationwide hikes its rate to 1 per cent for savers who have been with the society since 2002, they will still earn £30.32 less than if they opt to switch to a best buy easy access savings rate.

It's also not certain that there will be any respite for savers in these accounts.

Societies step up

Newcastle Building Society has also pledged to pass on in full an expected 0.25 per cent interest rate rise to all of its individual savings customers.

Changes to all accounts would be implemented by 1 December 17.

The society has also announced that its standard variable rate will not change, meaning the rate rise will only affect borrowers on base rate linked products.

While markets have already priced in a rise, it's far from a done deal, with the British economy still struggling and uncertainty posed by Brexit leaving businesses lacking in confidence.

Even without a rise in the base rate pushing Nationwide to hike its savings rates, savers would be well advised to check out rates from other providers to assess whether moving their cash would be worth it.

In the event of a Bank Rate rise, existing Nationwide borrowers on the society's Base Mortgage Rate (BMR) and Standard Mortgage Rate (SMR) products should also see their mortgage payments increase, with the rates rising to 2.5 per cent and 3.99 per cent respectively, on the assumption of a 0.25 percentage point rise in the base rate.

Variable rates linked to the Bank rate from Nationwide’s specialist lending subsidiaries, including The Mortgage Works, would also increase by 0.25 percentage points if the Bank rate rose.

To mitigate these rises, the building society has committed to cutting mortgage rates for both house purchases and remortgages from Tuesday 31 October.

For those looking to borrow up to a 60 per cent loan-to-value, fixed rates now start at 1.29 per cent for the two-year fixed rate with a £999 fee. That's a reduction in the rate of up to 0.5 percentage points.

Existing members can switch to the same products as new customers, with an additional £100 cashback as a thank you for their loyalty.

Chris Rhodes, of Nationwide, said: 'With a Bank rate rise anticipated, we have decided to take early steps to offer improved mortgage products, while at the same time announcing the impact on members’ mortgages and savings rates.

'This is to give clarity to our members and ensure that we can continue to offer good value for both mortgage and savings. Savers in some of our most popular products, such as Loyalty Saver and Flexclusive ISA, will benefit if Bank Rate increases.'